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The Oregon Retirement Savings Board (ORSB) on Oct. 9 will consider proposed changes to the rules for OregonSaves, the state-run retirement savings program for private-sector workers in the Beaver State.The proposed rule changes were drafted with the assistance of a rulemaking advisory committee...
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The Internal Revenue Service has released a new revenue procedure updating the Employee Plans Compliance Resolution System (EPCRS) – and an announcement that beginning next year, all Voluntary Correction Program filings will have to be done online. This revenue procedure updates the system of...
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Just when you thought retirement plan projections couldn’t get any worse…
Last week the National Institute on Retirement Security released a report – “Retirement in America | Out of Reach for Most Americans?” that claimed that the median retirement account balance among all working individuals is...
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Informing plan participants is not a suggestion. And much has been said of the need to make information provided to plan participants more readily understandable. But a specialist in retirement education and employee benefits communication has suggested that something else is in play in...
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The IRS announced on Sept. 28 that it has issued new procedures for using the www.pay.gov website to file Voluntary Correction Program (VCP) submissions and pay user fees. The IRS made the announcement in Revenue Procedure (Rev. Proc.) 2018-52.
Under Rev. Proc. 2018-52, beginning on April 1, 2019...
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Gordon Hartogensis, President Trump’s nominee to serve as Director of the Pension Benefit Guaranty Corporation (PBGC), testified and answered questions at a confirmation hearing the Senate Finance Committee held on Sept. 27. Senators questioned Hartogensis regarding his views on the health of the...
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The House of Representatives approved legislation Sept. 27 that seeks to make it easier for businesses to offer retirement plans and for individuals to save for retirement. The Family Savings Act (H.R. 6757) now moves to the Senate, which may take up similar legislation in a lame duck session...
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Principal Life Insurance Co. has won summary judgment in a case that had alleged the firm took excessive profits from the guaranteed investment products it sells to 401(k)s.The decision (Rozo v. Principal Life Ins. Co.), S.D. Iowa, No. 4:14-cv-00463-JAJ, order granting defendant’s motion for...
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Are you in need of Continuing Education Credits before the 2018 reporting year ends? ASPPA’s Cincinnati Regional Conference on Nov. 12-13 offers up to 17 ASPPA, JBEA and ERPA CE Credits. Here are several hot topics that will be covered at the conference, just to name a few: Living Through IRS...
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With the House of Representatives poised to take up the second round of tax reform, a couple of changes have been made to the retirement section of the legislation.On Sept. 25, House Ways and Means Committee Chairman Kevin Brady (R-TX) offered a “manager’s amendment” to the Family Savings Act (H.R...
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Although recently overshadowed by the buzz around multiple employer plans, the American Retirement Association recently met with the Department of Labor (DOL) about another aspect of President Trump’s Aug. 31 Executive Order.In April, the ARA and the Investment Company Institute released an updated...
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A recent white paper discusses a strategy for reducing PBGC premiums and why it may have a cost of its own.
In “PBGC Staff Express Concern Over Premium Reduction Strategy,” Daniel Lennington, Director of Defined Benefit Advisory for Lockton Insurance Services, notes that some plans have adopted a...
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The IRS has issued an early draft version of the Form 5500-EZ to be used when filing data from 2018. It is solely a draft the IRS says it has provided as a courtesy, and is not to be used for filing.
The draft of the 2018 Form 5500-EZ does not show any changes from the 2017 Form 5500-EZ, with the...
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Wasting no time, the Labor Department has delivered its proposed rule to expand access to multiple employer retirement plans to the Office of Management and Budget for review.It was less than a month ago that President Trump signed an executive order directing the Departments of Labor and Treasury...
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Collective investment trusts (CITs) have long been heralded as “the next big thing” in the DC industry, but a new report suggests that, in recent years, the market has turned a corner.
The third quarter 2018 issue of The Cerulli Edge—U.S. Retirement Edition finds that CIT adoption is finally...
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More 401(k) plan participants held equities at year-end 2016 than before the financial crisis, but participants continue to shy away from investing in their own companies’ stock, preferring more diversified investments, new data shows.According to the Employee Benefit Research Institute (EBRI) and...
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Unfazed that the Department of Labor (DOL) fiduciary rule has been rendered moribund, the Garden State is forging ahead with its own.The 5th Circuit Court of Appeals may have essentially struck down the federal rule, but that has nothing to do with the ability of the states to craft and implement...
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The practice of retiring and retirees receiving benefits in some fashion has only been around for a little over a century, right? Wrong! It’s been around for thousands of years.In “The History of Retirement,” SageView Advisory Group outlines when retirement, and associated payments, began and how...
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The Department of Labor’s (DOL) fiduciary rule may be moribund, but that doesn’t mean that investment fiduciary standards are — including best interest standards. A recent blog post by Fred Reish discusses how to best meet the various such standards that are in place.
In “Best Interest and Best...
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Having cybersecurity measures in place is an important step to protect a retirement plan, as well as well as those that serve as plan fiduciaries. But cybersecurity steps are only at half strength if only management and the plan sponsor and fiduciaries implement and follow them, argues a recent...
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